Lagos pays N27.41b accrued pension

The Director General, Lagos State Pension Commission (LASPEC), Folashade Onanuga has disclosed that a sum of N27.41 billion has been paid into the Retirement Savings Account (RSAS) of 6,267 retirees.

Speaking during the 38th Retirement Benefit Bond Certificate presentation in Lagos, she also stated that the state government through the commission has paid to named beneficiaries of deceased employees, insurance benefits of N12.5 million for the month of April 2017.

According to her, accrued rights previously paid before the current administration amounted to N33.65 billion to 7,409 retirees. She said, since the commencement of the retirement benefit bond certificate presentations in 2010, over 13,676 retirees/withdrawn staff have received about N61.42 billion.

Onanuga advised retirees to put their money in ventures they can manage, and not one that will put their health in jeopardy. The Commissioner for Establishments, Training and Pensions, Akintola Benson Oke, noted that, Lagos State Government has faithfully honoured its obligations under the Lagos State Contributory Pension Scheme Law, adding that State Government has never failed to remit monthly contributions into the retirement savings account of workers and, as at March, 2017, about N78, 592 billion had been credited into employees’ Retirees Savings Accounts maintained by 10 Pension Fund Administrators.

According to him,  Lagos State Government has been consistent in setting aside funds for the payment of accrued rights as provided for in the Pension Reform Law such that the State government has paid accrued pension rights of about N61 billion since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010.

“Today, a total number of 311 retirees will have their Retirement Savings Accounts credited with accrued pension rights of N1.6 billion, made up of gratuity and pension benefits under the Defined Benefit scheme for employees who transited into the Defined Contributory Scheme,” he added.

He advised retirees to embrace the joys and challenges of their new phase of life, adding that one thing will stand you in good stead is the readiness to take advice from competent and reliable sources.

“In this respect, please do not hesitate to contact LASPEC or even the Ministry of Establishments, Training and Pensions should you require clarifications or advice regarding the modalities surrounding your retirement matters. Another piece of advice is that you should strive to embrace healthy habits in terms of diet and exercise regimes. This will give you the benefits of healthy living that make retirement even more beneficial,” he maintained.